it will.
typically, the s/h (Todd) would wait until close to the Closing Date, then accept.
the presumption is Todd would wait until it was apparent that there would be no competing offer - or to wait to see if NZO increased its bid.
Todd will sell into bid at 10c, because it has already sold the bulk of its parcel at 10c.
the big question is will SPC accept? I have no idea.
cheers
NZO takeover offer, page-34
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